Jocy | Re:Frontier(@jocyiosg):You can buy NVIDIA with USDT on a CEX now. But do you actually own the stock? We audited the plumbing behind tokenized US stocks. 94% of clearing runs through a single broker (Alpaca). Voting rights evaporate, dividends become contractual IOUs, SIPC protection stops at the issuer. What you hold isn’t equity. It’s a digital IOU tracking a price. New IOSG research 🧵👇

Jocy | Re:Frontier

@jocyiosg

Invested in Frontier a decade ago. Back with new questions. Still a student. @IOSFVC @IOSGVC

Joined February 2012

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Jocy | Re:Frontier@jocyiosg

2026.07.01 15:12

You can buy NVIDIA with USDT on a CEX now. But do you actually own the stock? We audited the plumbing behind tokenized US stocks. 94% of clearing runs through a single broker (Alpaca). Voting rights evaporate, dividends become contractual IOUs, SIPC protection stops at the issuer. What you hold isn’t equity. It’s a digital IOU tracking a price. New IOSG research 🧵👇